Price level targeting and the delegation issue in an open economy |
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| Authors: | Richard T Froyen Alfred V Guender |
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| Institution: | 1. Department of Economics, University of North Carolina-Chapel Hill, United States;2. Department of Economics and Finance, University of Canterbury, New Zealand |
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| Abstract: | A weight-conservative central banker setting policy with discretion and stabilizing the real exchange-rate-adjusted (REX) price level and the output gap can replicate the behavior of the rate of REX inflation and the output gap under policy from a timeless perspective. |
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| Keywords: | E3 E5 F3 |
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